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Assume that the following cost data are for a purely competitive producer: omummemM-no Answer the questions in the first column in the table below for each of the prices listed at the top of each of the three columns. la), {b). and (c). Instructions: Round your answers to 2 decimal places. Select "Not applicable" and enter \"0" for output l'l'the rm does not produce. (a) (b) At a product price of $56 At a product price of (c) $41 At a product price of $32 Will this firm produce in the short run? (Click to select) +] (Click to select) + (Click to select) + If it is preferable to produce, what (Click to select) + (Click to select) (Click to select) # will be the profit-maximizing or loss-minimizing output? output = units output = units output = units per firm per firm per firm What economic profit or loss will (Click to select) + (Click to select) + (Click to select) ; ) the firm realize per unit of output? per unit = $ per unit = $ d. In the table below, complete the short-run supply schedule for the firm (columns 1 and 2) and indicate the profit or loss incurred at each output (column 3). Instructions: Enter your answers as whole numbers. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. (1) (2) (3) (4) Quantity Profit (+) or Loss Quantity Price Supplied, Single Firm (-) Supplied, 1,500 Firms $26 32 38 41 46 56 66e. Now assume that there are 1,500 identical firms in this competitive industry; that is, there are 1,500 firms, each of which has the cost data shown in the table. Complete the industry supply schedule (column 4 in the table above). f. Suppose the market demand data for the product are as follows: Price Total Quantity Demanded $26 7,000 32 15,000 38 13,500 41 12,000 46 10,500 56 9,500 66 8.000 What will be the equilibrium price? $ What will be the equilibrium output for the industry? For each firm? units. Instructions: Enter positive values for the reported profit or loss? What will profit or loss be per unit? ((Click to select) : ] per unit = $ Per firm? $ Will this industry expand or contract in the long run? ((Click to select)